Technical outlook:
NZD/USD fell below the 0.6300 mark at the moment of writing. The corrective drop that began around 0.6575 earlier looks to be complete and bulls might be preparing to come back in control. Ideally, the price should stay above 0.6220 interim lows, to keep the bullish structure intact. Watch out for a bullish reversal soon.
NZD/USD had carved a lower degree upswing between 0.6220 and 0.6575 earlier. The currency pair retraced the above rally and managed to reach the Fibonacci 0.786 level, as seen on the daily chart. There is a high probability of a bullish reversal from current levels and a push through 0.6800 going forward.
NZD/USD's general structure remains constructive for bulls to a larger degree. The corrective drop from 0.7465 also looks complete around 0.6220. Furthermore, the currency pair dropped through the Fibonacci 0.618 retracement of the earlier rally between 0.5470 and 0.7465.
Trading plan:
Potential rally through 0.6800 against 0.6200
Good luck!
